U.S. Embassy in Libya issues a statement on transparent management of oil revenues

Libyan Cloud News Agency

The U.S. Embassy in Libya said in a statement that restoring Libyan oil production is important for the Libyan people and for the global economy.

It added that agreement on a mechanism for transparent management of oil revenues is imperative in order to achieve this, as discussed by Libyan parties in the April 1 meeting of the Berlin Process Economic Working Group.

The U.S. Embassy expressed support for the temporary freezing of oil revenues in the National Oil Corporation account at the Libyan Foreign Bank until there is agreement on a revenue management mechanism.

It concluded that the U.S. is prepared to provide technical assistance as requested by the Libyan parties to help with such a mechanism to contribute to a more stable political environment and help restore momentum toward the parliamentary and presidential elections as demanded by the Libyan people.